The good news just doesn’t stop for Apple. New research shows that Apple has become the world’s largest handset vendor based on revenue.

[ad#Google Adsense 300×250 in story]Writing for AllThingsD, John Paczkowski says that Apple’s iPhone revenues hit $11.9 billion for the quarter, outperforming Nokia for the first time ever. Nokia’s revenue from all of its phones was $9.4 billion.

Higher revenue doesn’t mean that Apple shipped more handsets than Nokia. In fact, Nokia shipped a lot more than Apple.

As Paczkowski points out, Nokia shipped 108.5 million handsets compared to 18.6 million for Apple. However, the average sale price for a Nokia phone was $87, while Apple’s was $638.